<![CDATA[<figure class="image"><img alt="The Tencent logo outside a Chinese office building." src="https://cimg.co/news/126313/333528/adobestock-496321399-edit.jpeg" srcset="https://cimg.co/news/126313/333528/responsive-images/adobestock-496321399-edit___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/126313/333528/responsive-images/adobestock-496321399-edit___media_library_original_900_600.jpeg 900w, https://cimg.co/news/126313/333528/responsive-images/adobestock-496321399-edit___media_library_original_720_480.jpeg 720w, https://cimg.co/news/126313/333528/responsive-images/adobestock-496321399-edit___media_library_original_600_400.jpeg 600w, https://cimg.co/news/126313/333528/responsive-images/adobestock-496321399-edit___media_library_original_300_200.jpeg 300w" width="1200" class="content-img"><figcaption>Source: xy/Adobe</figcaption></figure>The <a href="https://cryptonews.com/tags/china">Chinese</a> tech titan Tencent, the WeChat operator, will launch a <a href="https://cryptonews.com/tags/digital-yuan">digital yuan</a> <a href="https://cryptonews.com/guides/what-is-a-smart-contract.htm">smart contract</a> offering for small and medium-sized enterprises (SMEs).The move comes weeks after the firm <a href="https://cryptonews.com/news/chinese-tech-giant-tencent-joins-cbdc-interoperability-pilot.htm">announced it would join</a> a central bank-led e-CNY and global <a href="https://cryptonews.com/tags/CBDC">CBDC</a> interoperability pilot.Per the <a href="https://wap.egsea.com/detail/article?id=1605319" rel="nofollow">Securities Times</a>, Tencent said it will release a &ldquo;digital yuan smart contract enterprise credit solution&rdquo; tailored for &ldquo;small and micro-enterprise customers.&rdquo;The project is the brainchild of Tencent&rsquo;s online payments arm Tenpay and its WeBank online banking affiliate.<figure class="image"><img src="https://cimg.co/news/126313/333529/webank-headquarters.jpg" alt="The headquarters of WeBank in China&rsquo;s Shenzhen." srcset="https://cimg.co/news/126313/333529/responsive-images/webank-headquarters___media_library_original_640_480.jpg 640w, https://cimg.co/news/126313/333529/responsive-images/webank-headquarters___media_library_original_600_450.jpg 600w, https://cimg.co/news/126313/333529/responsive-images/webank-headquarters___media_library_original_300_225.jpg 300w" width="640" class="content-img"><figcaption>The headquarters of WeBank. (Source: Lhzss8 [<a href="https://creativecommons.org/licenses/by-sa/4.0/deed.en" rel="nofollow">CC BY-SA 4.0</a>])</figcaption></figure>Tencent said the solution had been &ldquo;customized and developed for WeBank&rsquo;s SME and micro-enterprise customers.&rdquo;And the offering will let commercial banks &ldquo;accurately track the whereabouts&rdquo; of loans and other forms of funding.The use of smart contracts means that loan-related records &ldquo;cannot be forged or tampered with,&rdquo; Tencent said.This, the firm said, will &ldquo;help prevent loan funds from flowing into areas such as gambling, real estate speculation, and stock market trading&rdquo;Banks will be able to use the solution to boost &ldquo;security and compliance&rdquo; through e-CNY smart contracts, Tencent explained.<figure class="image"><img src="https://cimg.co/news/126313/333530/ecny-1110.jpg" alt="A consumer uses a digital yuan hard wallet to pay in a store on a video distributed by the Shanghai Pudong Development Bank." srcset="https://cimg.co/news/126313/333530/responsive-images/ecny-1110___media_library_original_607_336.jpg 607w, https://cimg.co/news/126313/333530/responsive-images/ecny-1110___media_library_original_600_332.jpg 600w, https://cimg.co/news/126313/333530/responsive-images/ecny-1110___media_library_original_300_166.jpg 300w" width="607" class="content-img"><figcaption>A consumer uses a digital yuan wallet to pay in a store on a video distributed by the Shanghai Pudong Development Bank. (Source: <a href="https://weibo.com/5243157608/Nnfgg6lyP" rel="nofollow">yangli20067/Weibo</a>)</figcaption></figure>And this could also help customers, the firm suggested &ndash; by allowing commercial banks to provide &ldquo;preferential interest rates&rdquo; (due to reduced risk levels).The central People&rsquo;s Bank of China and its partner banks have been promoting the adoption of e-CNY smart contracts in recent months.This has been particularly the case in the worlds of <a href="https://cryptonews.com/news/green-finance-options-emerge-for-chinas-digital-yuan.htm">green financing</a> and <a href="https://cryptonews.com/news/rise-chinese-banks-issuing-digital-yuan-corporate-loans.htm">corporate loans</a>.Banks say that they can use the technology to make sure funds are not misappropriated, used in greenwashing drives, or used in a manner that contravenes issuance contracts.They claim that using the e-CNY lets them slash &ldquo;loan monitoring&rdquo; costs and provide their clients with loans faster.Tencent said its new program &ldquo;will be expanded [...] in the future.&rdquo;A consumer uses the digital yuan to pay on a POS device in a store on a video distributed by the Shanghai Pudong Development Bank.<figure class="media"><oembed url="https://twitter.com/zhang_heqing/status/1709608711604556129"></oembed></figure>Earlier this week, a group of Chinese IT and payments firms <a href="https://cryptonews.com/news/chinas-shenzhen-launches-digital-yuan-industrial-park.htm">announced they would move into a new CBDC-themed &ldquo;digital yuan industrial park&rdquo;</a> in Shenzhen, the nation&rsquo;s de facto tech capital.
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Chinese IT Giant Tencent Launches Digital Yuan Smart Contract Services

Cryptonews.com

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